Special Bd. of Aldermen — 12/20/2018 Page 22
Mr. Cummings
No to be able to move this project forward and actually go to construction, $4 million dollars of private money,
cash, needs to come in to this deal. How we are getting there, in this scenario, as I’ve outlined this equity
investor, for this conversation let’s say it is GE will commit to $7.2 million which we will eventually ultimately
see $5.2 in cash. That is above the $4 million dollar threshold of private money coming in to this deal.
Alderman Jette
Thank you.
Mr. Cummings
One last comment that I’d like to make; one last comment just to make sure it is on the record, this has been
vetted by bond counsel, this has been vetted with attorneys here within the City; we are working in tandem with
everyone and everyone is comfortable with the concepts and the deal structure as outlined.
Alderwoman Melizzi-Golja
| guess just to kind of think about next steps, we just wait to hear you’ve got a commitment? | mean the work
now it is on your side and we wait to get a commitment and then things will start moving again and we will be
required to do some things. And if there is any change in this other than talking about the endowment that
we’ve been talking about that is capturing the private donations raised locally, that may be moving but that is
going to be separate from this at this point?
Mr. Cummings
That’s right.
Alderwoman Melizzi-Golja
| just wanted clarification so everyone is really clear about timelines.
Mr. Cummings
The only other additional comment I'll make is in preparation to that, | will be going out and making sure that a
PR or Public Awareness Campaign occurs a couple times, a few times to make sure everyone is well aware of
this as we move forward so it is to no surprise for everyone.
Alderwoman Melizzi-Golja
Thank you.
Alderman Dowd
Motion to Adjourn.
President Wilshire
Well first we would like to thank our consultant for being here and we appreciate all the time and the
explanation he gave.
